"A sequence of crises has led to the scenario of low growth and accelerating inflation in the global economy, which together with the slower growth of trade, the appreciation of the dollar, and the tightening of global financial conditions (ndlr: interest rate hikes), will negatively affect the countries of the region," said the Economic Commission for Latin America and the Caribbean, an arm of the United Nations, in the presentation of a recent economic report on Latin America and the Caribbean.

Daniel Titelman, director of Economic Development of the organization said that Latin America is in a "very difficult situation" because "it is returning to a trend and a trajectory of low growth that was already strongly observed before the pandemic."

"This low growth dynamic is being accompanied by inflationary pressures and high inflation rates that generate a very complex situation of challenge for macro (economic) policy," said the expert.

The growth projection for South America is 2.6% on the whole. Venezuela leads all countries at 10%.

According to the report, the estimate for Central America is 4.1%, with Panama at the top (7%), while the Caribbean is expected to grow 10.2%. Without Guyana (52%), its growth falls to only 4.7%.